Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 17-0781st R.

Agenda Title:

17-078 - 1R. An ordinance approving the cooperative agreement among the City of Independence, Missouri, the 23rd & Sterling Community Improvement District and McKeever Enterprises, Inc., to implement the 23rd & Sterling Community Improvement District.
Recommendations:

Staff recommends approval.
Executive Summary:


Background:

The City Council approved the CID by Ordinance No. 18600 on June 20, 2016. The approving ordinance provides that approval of the CID is subject to the execution of a cooperative agreement. This ordinance will approve a cooperative agreement between the City, McKeever Enterprises, Inc. (“Developer”) and the 23rd & Sterling Community Improvement District (the “CID”) to implement the 23rd & Sterling Community Improvement District. 

McKeever Enterprises, Inc. (the “Developer”) has redeveloped the 23rd & Sterling Avenue grocery store, which includes the purchase of the personal property from the existing owner, installation of new furniture, fixtures and equipment, installation of new refrigeration, plumbing and HVAC, repairs to the roof, parking lot, landscaping, electrical systems, flooring and floor tiles, walls and doors, lighting, fire alarms and signage, painting the walls, ceiling and outside, sprinkler modifications, demolition as needed to facilitate the redevelopment, relocation of the front doors, and repair to ceiling tiles in the bakery and deli, along with associated payment of permits and fees and architect and professional costs. The store is rebranded as a McKeever’s Price Chopper. 

The total redevelopment project costs are about $4,161,000 and the proposed CID-reimbursable costs are about $2,390,000. The project has been funded by private debt. The CID will serve as a reimbursement source in accordance with the Council’s prior approval of the district. This agreement will establish the terms under which the CID will operate and provide reimbursement to developer in accordance with the prior approval of the Council at the CID-formation stage. 


Fiscal Impact:

The CID has imposed a 1% sales tax, and revenues generated from the sales tax will be used to pay reimbursable project costs. The applicant does not request the appropriation of any City revenues for the redevelopment project.



Department:          FinanceContact Person:          Brian C. Watson


REVIEWERS:
DepartmentAction
Finance DepartmentApproved
Finance DepartmentApproved
City Council Mgmt AnalystApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:         

ATTACHMENTS:
Description
Ordinance
Cooperative Agreement